Eligibility criteria

Gateway is for first home buyers, or previous home owners who are in a similar financial position to a first home buyer.

Applicants need to meet Housing New Zealand’s credit and borrowing assessment criteria.

Run through the checklist of the other criteria below to see if you’re eligible for Gateway.

• I am a New Zealand citizen of a permanent New Zealand resident with an indefinite returning visa.
• I am 18 years of age or over.
• I will be purchasing my first home, or am a previous home owner in the same financial position as a first-home buyer (in terms of income and assets).
• I have a yearly household income of $100,000 or less (before tax, for one to two borrowers), or $140,000 or less (before tax, for three or more borrowers).
• I will be able to secure a home loan (usually a construction loan) to build a house on the land, or to purchase a newly built house on the land.
• I agree to live in the house for the duration of the Gateway housing assistance (up to 10 years).
• I have at least 10 percent of the house construction cost as a deposit.
• I would not be able to afford the cost of the land and the house together at the time of my application.
• I will contribute any realisable assets such as savings and shares to the purchase of the house.

Previous home owner

If you are a previous home owner in the same financial position to a first-home buyer, you may still be eligible.

You will need to meet the criteria above, plus need to have realisable assets totalling less than 20 percent of the average house price (based on Local Territorial Authorities) for the area you’re buying in. Realisable assets are belongings that you can sell to help buy a house.

Housing New Zealand considers the following to be realisable assets:

• Money in bank accounts (including fixed and term deposits)
• Shares, stocks and bonds
• Investments in banks or financial institutions
• Net equity in property or land (not being used as your home)
• Boat or caravan (if the value is over $5,000 and not used for work)
• Other vehicles (such as classic motorbikes or cars — not being used as your usual method of transport)
• Other assets valued over $5,000.